Text on a wall

I'm trying to create an animation where text and images appear as if they were painted on a wall.

I've played around with blending modes and opacity, and added a displacement map effect (using the picture of the wall as the map), placed a 5% opaque white solid on top of everything. What I have now looks okay-ish (sorry can't share due to confidentiality), but not as convincing as this best example I've found: https://vimeo.com/25123730

I wonder if I've missed something; how would you say the example was put together?

When it comes to text or simple graphics I suggest using the layer as a track matte for a duplicate of the wall and then color correcting the actual wall image to the level of darkness or color of the intended text or graphics. If you have several colors then isolate them and do a pass for each. One more thing you can do is to use the wall image, apply Levels, crush the levels to get just the scratchesirregularities in the wall highlighted and then use that as a way to substract from the text or image layers- like when painting on a wall leaves spots without paint behind where there are bumps or holes in the wall.